Author: nripn

Moniepointa Nigeria-based fintech company, successfully raised $110 million in a Series C funding round. The financing was led by International development partners African Development Partners Fund III (ADP III), with the participation of investors such as Google Africa Investment FundVerod Capital and Lightrock. Strategic Focus on Business Banking and Financial Access Founded in 2015 by Tosin Eniolorunda And Felix IkeMoniepoint was initially launched under the name TeamApt. The company has since grown from banking infrastructure support to one of Nigeria’s largest business banking providers, serving millions of African businesses. According to Moniepoint, it currently processes more than 800 million transactions…

Stay informed with free updatesSimply register at Artificial intelligence myFT Digest – delivered straight to your inbox.Data center startup Crusoe Energy raises up to $500 million in equity capital from investors including Peter Thiel’s Founders Fund to expand facilities that provide the infrastructure fueling the data center boom AI.The fundraising will value Crusoe at about $3 billion, more than double its valuation two years ago, according to three people with knowledge of the deal. It’s the latest fledgling company whose fortunes have exploded thanks to major spending on AI following the release of ChatGPT in late 2022.Founders Fund, which has…

In the world of regulatory change management (RCM), AI is proving to be a revolutionary force, transforming every step of the process and generating substantial business value. According to 4CRisk.aiBy looking at a typical RCM workflow, we can see how AI not only streamlines operations, but also significantly improves return on investment (ROI), providing a competitive advantage in regulatory compliance.At the forefront of this transformation is 4CRisk Regulatory Change Productwhich offers a potential for 5 to 20 times efficiency improvement. In an example with the assumptions at each step of the process, described below, 4Crisk.ai shows howA return on investment…

The Hong Kong Special Administrative Region (HKSAR) government on Monday issued a policy statement outlining its position and guidelines for the responsible application of artificial intelligence (AI) in the financial market, aiming to promote the use of AI in finance, according to the official website of the Hong Kong government.Analysts said such efforts would not only support Hong Kong’s deep integration into AI and regulatory development, but also further consolidate its status as an international financial hub.

Free newsletterGet the latest Fintech Singapore news delivered to your inbox once a monthPayment giant Visa is set to restructure its global business operations, a process that will result in approximately 1,400 layoffs by the end of 2024.According to The Wall Street Journalthe majority of these reductions (around 1,000 positions) will come from Visa’s technology division.Other affected roles will come from Visa’s merchant sales and digital partnerships teams, which focus on working with fintech and technology partners.This restructuring aligns with Visa’s upcoming fourth quarter and full year earnings report, with employees having recently been informed of the changes internally.A company…

Photo: Courtesy of Geisinger Medical Center Geisinger partners on AI platform to better manage operating room time and staff. Partner Optmed.ai’s AI platform analyzes billions of logistics data points to manage operating room workflow. This allows more clinical procedures to be performed, which increases revenue. It is used on all 10 Geisinger hospital campuses. WHY IT IS IMPORTANT The platform uses network science and advanced algorithms to improve resource utilization, minimize downtime and create resilient operating room schedules, according to Optmed.ai. Key features include predictive intelligence for accurate case duration predictions, integration with existing systems, and customization based on specific…

Free newsletterGet the latest Fintech Singapore news delivered to your inbox once a monthHSBC CEO Georges Elhedery has dispelled speculation that the new restructuring of the bank’s “East” and “West” divisions hinted at a separation, according to a statement. Financial Times report.Georges ElhédéryElhedery stressed that the overhaul, which will make the Hong Kong and UK retail units self-sustaining, aims to improve efficiency and responsiveness, not split the bank in response to global tensions.Restructuring aligns HSBC’s operations are spread across two main regions, covering Asia Pacific and the Middle East for “Eastern” markets, and Europe, the UK and the Americas for…

SUMMARY The reprieve will provide “substantial relief” to home buyers whose home loans were sanctioned before the RBI’s crackdown on the company. Earlier this month, the RBI barred Navi FInserv from issuing new loans after the close of business on October 21, citing “significant supervisory issues”. Navi Finserv reported operating revenue of INR 1,906.2 Cr in FY 2023-24 (FY24), down from INR 2,040.6 Cr in FY23. Barred from granting new loans, Sachin Bansal-led Navi Finserv said on Tuesday (October 29) that the Reserve Bank of India (RBI) had allowed it to make disbursements of home loans scheduled before October 20.…

An overwhelming 91% of companies in the financial services industry (FSI) are evaluating artificial intelligence or already have it up their sleeves as a tool that drives innovation, improves operational efficiency and enhances customer experience. Generative AI — powered by NVIDIA NIMs microservices and accelerated computing — can help organizations improve their portfolio optimization, fraud detectioncustomer service and risk management. Companies leveraging these technologies to power financial services applications include Ntropy, Contextual AI and NayaOne, all members of the Creation of NVIDIA program for cutting-edge startups. And the startup Securiti, based in Silicon Valley, which offers a centralized and intelligent…

Reserve Bank of IndiaT Deputy Governor Rabi Sankar spoke at the Global Fintech Festival 2024 on Thursday. In his speech, he spoke about the self-regulatory organization (SRO) to regulate the financial technology sector. He said the fintech sector faced trust and integrity issues because it was not regulated by a regulator. He added that it was a relatively new industry and it would take time for people to trust it. “We must ensure that the sector grows responsibly and is trusted by all. It must meet commercial and social objectives. This is difficult because the financial sector derives its trust…